Mortgage-deal spoils divide winners and losers in US states
Governors and state AGs clash on use of billions of dollars in fine monies
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[NEW YORK] Hundreds of millions of dollars in mortgage-fraud settlements from JPMorgan Chase & Co and other banks are providing a windfall to state attorneys-general - and creating a new class of political winners and losers.
In New York, Attorney- General Eric Schneiderman learned last November that his office was getting US$613 million from JPMorgan - about triple his annual budget. He said he would use the cash to reimburse victims and finance investigations. Governor Andrew Cuomo, a fellow Democrat, questioned AG Schneiderman's hold on the money and a dispute over the cash ensued.
California Attorney-General Kamala Harris, seen by some as a potential gubernatorial candidate in 2018, used her US$300 million share from JPMorgan to reimburse public-pension funds for losses on mortgage investments.
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